SANTIAGO, CHILE -- (Marketwire) -- 02/12/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
The Algarrobo Iron oxide-Copper-Gold (IOCG) property (the "Property") is located approximately 850 km north of Santiago, in the III Region, Province of Copiopo, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
The key to identification of additional well mineralized, high grade copper veins will be ascertaining where potential for such veins exists in the near sub-surface. Identification of these veins is, however, difficult due to the size of the Property (6,161 ha; 15,224 acres) and the extensive sand cover. Therefore, Management is evaluating a proposal for an airborne geophysical survey, more specifically, a Gryphon Multi-Parameter Airborne survey to directly assess the mineral potential of the entire Property. The survey includes:
•Time Domain Electromagnetics (EM) •High Resolution Magnetics •FALCON Gravity Gradiometry •Gamma Ray Spectrometry, and •LIDAR
Due to the high grade copper content of the veins, together with their generally steep dip and thickness, well mineralized, high grade copper veins are anticipated to provide strong conductivity anomalies on the electromagnetic (EM) component of the survey. Magnetic data are expected to provide confirmation of continuity between the current workings on the Property on each of the Major Veins, as well as clarify the relationship between the Major Veins and the subsidiary and/or en echelon veins, due to associated magnetite content. Magnetic results from the Angela tenures may be less conclusive due to the high magnetite content of the eolian sand (estimated to comprise between 10 and 20% of the sand by volume) which is anticipated to possibly obscure a magnetic response from individual veins.
High grade copper mineralization (to 46.58% Cu) in the near sub-surface is interpreted to comprise supergene enrichment in an oxidized zone extending between 30 and 120 metres below surface, dependent upon topography. The oxidized zone is underlain by a sulphide zone across a mixed transitional zone of variable thickness. The potential depth extent of the sulphide zone is currently unknown, however, there is no information suggesting it is limited to the reported depth of the historical underground workings (i.e. 450 meters in the Viuda Mine).
Mining operations completed to date, on both the Property and immediately adjacent tenures, have resulted in a large number of workings, of which approximately 35 comprise near surface workings greater than 2 m in depth to more extensive, historical mining operations extending several hundred metres below surface. To date, mining activity has defined, and is centered around, three "Major Veins," as follows:
•Panga, Ecuador, Uruguay, etc. in the north •Descubridora, Estaca, Viuda, etc. in the center •Buena Vista, Alicia, etc. in the south
These workings, developed along these well defined mineralized vein systems, have produced variable quantities of high grade copper, predominantly as copper oxides, to an approximate depth of 120 metres below surface. The oxide zone is typically underlain by a transitional zone of mixed copper oxides and copper sulphides, with copper sulfide ores mined to greater depth (i.e. Viuda - 450 m depth).
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